Renminbi and U.S. Dollar Appreciate While Euro and Yen Depreciate   

Real Effective Exchange Rates, Country Data, June 2026

Contributors: Andrew Baer, Emmanuel Manolikakis, and Annika Suri

Real effective exchange rates (REERs) among the world's major currencies diverged markedly over the twelve months ending June 2026. Because REERs weigh a currency against a basket of trading-partner currencies and adjust for relative price developments, these movements reflect both shifts in demand for the currency itself and differences in inflation across trading partners. Two currencies gained ground in real terms: the renminbi strengthened steadily through the first half of the year to a 6.0 percent year-on-year appreciation, while the U.S. dollar moved more modestly into positive territory, reversing its earlier year-on-year decline to reach a 0.8 percent real appreciation by June. Two lost ground: the yen recorded by far the largest movement, with its real depreciation accelerating to 11.7 percent over the year, while the euro slipped only marginally, its year-on-year gain narrowing steadily from the second half of 2025 before tipping into a small depreciation in June. 

Notes: The REER statistics are based on year-over-year percentage changes of monthly indices. The IMF disseminates REERs for 93 countries monthly, approximately 1 month following the reference period.  An increase in the value of the REER measures an appreciation of the currency against its trading partners. A decrease in REER indicates a depreciation.

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